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Subsea Inspection contract between DeepOcean and StatoilHydro

DeepOcean ASA (”DeepOcean”) (OSE: DEEP) has received a letter of intent from StatoilHydro for delivery of Subsea Inspection, Maintenance and Repair (IMR) Services using the newbuild vessel Edda Flora to be delivered from Karmsund Maritime in April/May this year.

Published: 30.01.2008

DeepOcean ASA (”DeepOcean”) (OSE: DEEP) has received a letter of intent from StatoilHydro for delivery of Subsea Inspection, Maintenance and Repair (IMR) Services using the newbuild vessel Edda Flora to be delivered from Karmsund Maritime in April/May this year. The new contract will commence in May 2008 and continue until December 2011 with further 3 years optional periods.

For DeepOcean this contract will employ approximately 70 people both onshore and offshore. The contract value exceeds NOK 800 million for the firm period.

In a comment to this award, Kåre Johannes Lie, CEO of DeepOcean says: “This is an excellent day for DeepOcean and a real recognition of our staff and organization, demonstrating that StatoilHydro has confidence in what we are doing within the IMR segment.”